The World Economic Forum (WEF) concluded yesterday at the Swiss Alpine resort of Davos.
This time around it was a low-key affair since several powerful countries and leaders did not attend. For instance, President Trump and Prime Minister May did not come due to serious problems that they are currently faced with in the U.S. and the U.K. respectively.
However, many billionaires and world leaders did attend, as participation at the Davos WEF has become an annual pilgrimage for movers and shakers from around the world. The WEF conducts forums in other major countries, but none beats the depth and comprehensiveness of the Davos forum.
There were many key issues affecting humanity that were discussed at this year’s event, such as the alarming negative impact of Climate Change. This is nothing unusual. The point is that most attendees come from elite or political or business backgrounds and are, in general, rich. It would be interesting to measure and report the average net worth of all the invited participants at Davos forum. That should prove that this crowd is far removed from the daily mundane reality of an average (not even a poor) citizen’s life, anywhere in the world.
How can a rather small collection of rich and powerful folks make a critical analysis of problems facing this planet and humanity? How can they “feel” the problems, pains, challenges and issues that a common man or woman needs to tackle in his or her life? Are these people really addressing the “real” issues and coming up with practical solutions to world’s rather intractable problems? Or, are they just networking socially and having fun, either at corporate or government expense? Let us not forget that these elite folks already know each other (mostly and generally) from previous interactions. One obvious objective is to learn from each other – what are the current views of the “elite” and “learned” folks from around the world, have lunches / dinners / cocktails and learn more of each others’ perspectives, etc., There are, of course, multiple panel discussions from which our elite participants will learn even more.
But, what is the concrete action plan to better the life of the average citizen coming out of this most expensive jamboree at an exclusive Swiss resort? Is there something coming out of this event that will affect the life of the common man, is there something that he can even understand?
Such events, are in general, a waste of money, which could be deployed in social projects and alleviate poverty. But that is not the concern of the rich folks who schmooze over caviar and wine. This is the obvious disconnect which exists between such powerful gatherings and life’s realities.
I studied the agenda and the events of WEF held last week. There were many useful and relevant topics covered in the agenda, no doubt. There was significant coverage of environment, climate change and the impact of technology – Artificial Intelligence, Machine Learning, etc., – these are all very relevant, I should say.
The key question, however, is how will WEF deliberations change the world for the better from a socio-economic point of view. What is the success rate of WEF influencing socio-economic policies of governments around the world which choose to attend the WEF event and actively engage other attendees. My theory is that economics at a theoretical level is of no practical use, unless the main users of economic principles (viz., governments) apply the same in consultation with WEF (not the IMF or the World Bank both of which apply tortuous conditions on countries seeking their financial support). How can some of the useful deliberations at the WEF be successfully applied in large countries such as India, China or Indonesia? What are the resources available to the governments which want to reform their economies? What technologies can be leveraged? What are the practical methods that we can adopt for sustaining the deteriorating environment? And so on, and so forth.
May be these things are already being executed. However, in my research on WEF’s practical applications, I could not find clear cut evidence. I could not put my finger on the specific outcomes which are being followed up by WEF around the world.
If my audience can clarify, I will be happy to post an update to this post. If WEF disagrees with what I have stated, all that is required is a response to this blog post, and I will post the same as a correction to what I have written.
In a nutshell, I would like WEF to understand two things –
1. The utility value of the annual WEF meeting is not grasped by the proletariat, and I have seen no evidence that WEF is making an attempt to communicate as such;
2. The obvious disconnect between the abject reality of peoples’ lives and the economic deliberations at WEF conducted at the apex levels of governments and corporates surely exists, whether acknowledged by WEF or not.
Socialism is emerging even in that most Capitalistic country in the world – I mean the U.S. and its potential ramifications over the next few years have not been understood by the key economic players – whether in governments or corporates. This is also something that WEF needs to address. How about inviting Bernie Sanders and Alexandria Ocasio-Cortez to the WEF 2020 as key note speakers?
Cheers, have a good weekend folks,
26th January 2018